Credit Union Blog

Nearly half of cardholders (47%) reported that their personal information was exposed in a data breach over the last year, with 14% experiencing this more than once. Consumers may want to take stronger steps in protecting their identity to avoid being a victim. Credit card comparison site CompareCards offers these tips:

When people are looking for a credit card, there are a lot of factors that need to be considered. While many people are familiar with how important it is to consider interest rates, annual fees, and penalties, it is also a good idea to take a look at the rewards that the card offers. Credit card companies make money when their customers swipe their cards. Therefore, they will often offer rewards to incentivize the customer to use their card.

Securing a credit card and utilizing it each month can be a tremendously effective strategy to build a robust credit score. While other borrowing and repayment options are also part and parcel of a diverse financial portfolio, using a credit card to build credit may just get you the most bang for your buck. That’s because swiping plastic involves new purchases and regular repayments. The overall view of credit agencies about people who make timely payments is that you are a trustworthy borrower and financial planner. Building credit with a credit card positions you for more lucrative loan products.

Big credit card corporations spend an enormous amount of time and energy marketing their products in ways that seem cost-effective to consumers. Offers such as promotional discounts, rewards, zero-interest balance transfers, and even cash-back appear to be an excellent way to gain a benefit. But too often, everyday people get tripped up and have a monthly balance you can’t quite pay off. It’s important for consumers to be wary of rising credit card debt that may result from your excitement about taking advantage of perks.

Congratulations -- you’ve graduated and are ready to go into the real world. Though you have your diploma, there’s still more to learn about the basics of financial management.

There was a 10 percent increase in the number of payment cards compromised at U.S. ATMs and merchants in 2017, Silicon Valley analytic software firm FICO reports.